Section 1747 - Articles of incorporation; minimum requirementsArticles of incorporation of a cooperative affordable housing corporation must contain the following provisions in addition to those required by Title 13-C: [RR 2001, c. 2, Pt. B, §28(COR); RR 2001, c. 2, Pt. B, §58(AFF).]
1.One class of stock. A statement that the cooperative affordable housing corporation has only one class of stock; [1993, c. 300, §1(NEW).]
2.Restrictions on transfers. A statement of restrictions, if any, upon transfers of shares; [1993, c. 300, §1(NEW).]
3.Rate of dividend. The rate of dividend, if any, allocable to membership shares, which may not exceed 6% per annum on invested capital; [1993, c. 300, §1(NEW).]
4.Acquire membership. The conditions, if any, under which the cooperative affordable housing corporation reserves the right to acquire membership shares; [1993, c. 300, §1(NEW).]
5.Distribution upon dissolution. The basis for distribution of assets in the event of dissolution; [1993, c. 300, §1(NEW).]
6.Allocation of ownership and voting interests. The method of allocation of ownership and voting interests in the cooperative affordable housing corporation; and [1993, c. 300, §1(NEW).]
7.Right of first refusal. The conditions, if any, under which the cooperative affordable housing corporation has a right of first refusal upon proposed transfers of cooperative interest. [1993, c. 300, §1(NEW).]
1993, c. 300, § 1 (NEW) . RR 2001, c. 2, §B28 (COR) . RR 2001, c. 2, §B58 (AFF) .